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VPX Sports annouces that Jack Owoc is no longer CEO of the company



March 09, 2023 11:56 PM Eastern Standard Time

PEMBROKE PINES, Fla.--(BUSINESS WIRE)--Vital Pharmaceuticals, Inc. (“VPX Sports” or “Vital” or “Bang Energy” or the “Company”) announced that Founder, Chief Executive Officer (CEO) & Chief Science Officer (CSO), and Chairman John H. Owoc (“Jack”) will no longer serve in his role as CEO & CSO or as a member of the Board of Directors.

Vital’s Board of Directors announced that the Company's Chief Transformation Officer (CTO) John C. DiDonato has been named Interim CEO & CTO, effective immediately. DiDonato is the National Practice Leader and Managing Director at Huron Consulting Company. He brings more than 35 years of experience leading companies through complex financial and operational transformations. The Company also announced that Gene Bukovi has been elevated to the position of Chief Operating Officer.

“On behalf of the Board of Directors, we acknowledge Jack’s vision in founding this leading brand and creating a world-class product in the energy drink category. As the Company continues to pursue value maximization, we are grateful to Mr. DiDonato and the executive leadership team for their stewardship and to the talented and hard-working members of the Bang Energy team for their unyielding commitment to the brand,” said Steve Panagos, Chairman of the Board.

From PR Week - PEMBROKE PINES, FL: Vital Pharmaceuticals, the owner of Bang Energy, has brought on C Street Advisory Group after filing for Chapter 11 bankruptcy protection in Q4 of last year. C Street is serving as Vital’s strategy and communications firm, managing external and internal comms, effective last week, according to a source familiar with the matter.  Vital and C Street representatives did not respond to requests for comment on the companies’ partnership.

Vital said in October that it was filing for Chapter 11. At the time, it had more than 1,000 employees and nearly $600 million in assets.  The filing followed a string of lawsuits, including a case against former exclusive distributor PepsiCo. Most notably, competitor Monster Energy won $293 million in damages after alleging Bang falsely advertised the ingredients and health benefits of its products.

On Thursday, days after it was reported that Vital was set for bankruptcy court auction, the Bang owner shuffled its executive leadership. It said in a statement that founder Jack Owoc would exit his roles as CEO and chief science officer and leave the company’s board. Chief technology officer John DiDonato was named Vital’s interim CEO, effectively immediately. Vital also promoted Bang Energy EVP of sales Gene Bukovi to COO.

Jack came a long way. He used to deliver products to my store in the late 90's.


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